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Displaying results 1 to 3 of 3.

  1. Finance capitalism in industrializing autocracies
    evidence from corporate balance sheets in imperial Germany and Russia
    Author: Fohlin, Caroline; Gregg, Amanda
    Published: 10 February 2022
    Publisher:  Centre for Economic Policy Research, London

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    LZ 161
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    Location:
    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP17029
    Subjects: Law and Finance; financial markets; Capital Structure; Industrialization
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  2. ESG investing
    theory, evidence, and fiduciary principles
    Author: Schanzenbach, Max M.; Sitkoff, Robert H.
    Published: 2020
    Publisher:  Harvard Law School, Cambridge, MA

    Trustees and other investment fiduciaries of pensions, charities, and personal trusts, and those who advise them, face increasing pressure to rely on ESG factors in the investment management of tens of trillions of dollars of other people's money. At... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Trustees and other investment fiduciaries of pensions, charities, and personal trusts, and those who advise them, face increasing pressure to rely on ESG factors in the investment management of tens of trillions of dollars of other people's money. At the same time, however, confusion abounds about the intersection of fiduciary principles and ESG investing. This article cuts through that confusion to provide guidance about when and how ESG investing by trustees and investment fiduciaries is permissible. We make four interrelated points: (1) we provide a clarifying taxonomy on the meaning of ESG investing, differentiating between risk-return ESG (i.e., using ESG factors to improve risk-adjusted returns) and collateral benefits ESG (i.e., using ESG factors for third-party effects); (2) we discuss the subjectivity inherent to identifying and applying ESG factors, which complicates assessment of ESG investing strategies; (3) we summarize the current theory and evidence on whether ESG investing can improve risk-adjusted returns, finding the results to be mixed and contextual; and (4) we show that American trust fiduciary law generally prohibits collateral benefits ESG, but risk-return ESG can be permissible if supported by a reasoned and documented analysis that is updated periodically

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Edition: Draft of August 31, 2020
    Series: Discussion paper / Harvard John M. Olin Center for Law, Economics, and Business ; no. 1038 (09/2020)
    Subjects: Truste; Trustee; Prudent Investor Rule; ESG; Environmental Social and Governance; Law and Economics; Law and Finance; Trust; Pension; Charity; Endowment; Active Investing; Active Shareholding; Contrarian Investment; SRI
    Scope: 1 Online-Ressource (circa 15 Seiten)
    Notes:

    Forthcoming in Journal of Financial Planning (2020)
  3. Globally consistent creditor protection, reallocation, and productivity
    Author: Bian, Bo
    Published: [2020]
    Publisher:  Center for Advanced Studies on the Foundations of Law and Finance, House of Finance, Goethe University, Frankfurt am Main, Germany

    This paper documents that resource reallocation across firms is an important mechanism through which creditor rights affect real outcomes. I exploit the staggered adoption of an international convention that provides globally consistent strong... more

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    Resolving-System (kostenfrei)
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 778
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    This paper documents that resource reallocation across firms is an important mechanism through which creditor rights affect real outcomes. I exploit the staggered adoption of an international convention that provides globally consistent strong creditor protection for aircraft finance. After this reform, country-level productivity in the aviation sector increases by 12%, driven mostly by across-firm reallocation. Productive airlines borrow more, expand, and adopt new technology at the expense of unproductive ones. Such reallocation is facilitated by (i) easier and quicker asset redeployment; and (ii) the influx of foreign financiers offering innovative financial products to improve credit allocative efficiency. I further document an increase in competition and an improvement in the breadth and the quality of products available to consumers.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/244686
    Series: LawFin working paper ; no. 6
    Subjects: Allocative Effciency; Creditor Rights; Law and Finance; Productivity and Growth; Reallocation
    Scope: 1 Online-Ressource (circa 78 Seiten), Illustrationen